Creek Parkway, Boothwyn, PA
SSH Real Estate, in a joint-venture with a Philadelphia-based family office, acquired a 8-building, Class-A flex/industrial portfolio at Naaman’s Creek Business Center. The initial acquisition included 5-buildings and the Sponsor strategically acquired an additional 3-building increasing the total portfolio to just over 260,000 SF. The property is located in the highly sought-after Delaware County submarket with tremendous access to major highways (Interstate 95), ports and the Philadelphia International Airport, the portfolio is extremely well positioned as last-mile flex/industrial real estate. In addition to SSH’s Investments team serving as the operating partner for the investment, SSH Real Estate also handles the leasing and property management and has continued to enhance the value of the portfolio, which is now currently 100% leased to a diverse mix of high-quality tenants. SSH strategically asset managed and sold the investment in 2021 significantly outperforming anticipated return projections.
The property was sold for $48.50 million or $184 per square foot in August of 2021.